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| Miller Merchants Inc. | |
| Income Statement | Amount $ |
| Sales Revenue | 390,200.00 |
| Rent Revenue | 2,000.00 |
| Interest Revenue | 940.00 |
| Total Revenue | 393,140.00 |
| Less: Operating Expenses | |
| Cost of goods sold | 234,500.00 |
| Operating Expenses | 58,870.00 |
| Salaries Expense- overstated | (4,600.00) |
| Total Operating Expenses | 288,770.00 |
| Operating Income | 104,370.00 |
| Other Expenses | |
| Interest Expense | 2,120.00 |
| Loss from discontinued Operations | 11,000.00 |
| Loss on sale of discontinued Operations | 21,000.00 |
| Total Other Expenses | 34,120.00 |
| Income before tax | 70,250.00 |
| Tax rate | 30% |
| Income tax expense | 21,075.00 |
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The accountant for Meilleur Merchants Inc. is completing the last...
3. The accountant preparing the income statement for Smith, Inc. had some doubts about the appropriate...
3. The accountant preparing the income statement for Smith, Inc. had some doubts about the appropriate accounting treatment of the five items listed below during the fiscal year ending December 31, 2016. Assume a tax rate of 38 percent. Office equipment purchased June 1, 2016 for $72,000 was incorrectly charged to Supplies Expense at the time of purchase. The office equipment has an estimated six-year service life with no expected salvage value. Smith uses the straight-line method to depreciate office...
2) The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL...
2) The following incorrect income
statement was prepared by the accountant of the Axel
Corporation:
AXEL CORPORATION
Income Statement
For the Year Ended December 31, 2021
Revenues and gains:
Sales revenue
$
780,000
Interest revenue
51,000
Gain on sale of investments
98,000
Total revenues and gains
929,000
Expenses and losses:
Cost of goods sold
$
420,000
Selling expense
78,000
Administrative expense
98,000
Interest expense
35,000
Restructuring costs
74,000
Income tax expense
56,000
Total expenses and losses
761,000
Net Income
$...
Clark Company’s accountant reported income from continuing operations before extraordinary item of $725,000 for the year...
Clark Company’s accountant reported income from continuing operations before extraordinary item of $725,000 for the year ended 2013. The company’s income tax rate is 30%. The accountant also identified the following transactions that occurred in 2013: Due to an incorrect entry, cost of goods sold was overstated by $100,000 in the year 2012. The company has one of their operating divisions up for sale. The division qualifies as a component of the entity according to GAAP. The fair value and...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $720,000 45,000...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $720,000 45,000 92,000 857,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $390,000 Selling expense 72,000 Administrative expense 92,000 Interest expense 29,000 Restructuring costs Income tax expense 51,500 Total expenses and losses Net Income 68,000 702,500 $154,500 $ 1.55 Earnings...
Only need the values of income from operations of discontinued component, Income tax expense, income from...
Only need the values of income from operations of discontinued
component, Income tax expense, income from continuing operations
and income on discontinued operations. Thanks
Rembrandt Paint Company had the following Income statement Items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 27,00€ 282 480 Cost of goods sold Selling and administrative expense Restructuring costs $ 15,000 3,400 1,7ee In addition, during the year the company completed the disposal of its plastics...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 680,000 Interest revenue 41,000 Gain on sale of investments 88,000 Total revenues and gains 809,000 Expenses and losses: Cost of goods sold $ 370,000 Selling expense 68,000 Administrative expense 88,000 Interest expense 25,000 Restructuring costs 64,000 Income tax expense 48,500 Total expenses and losses 663,500 Net Income $ 145,500...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $610,000 34,000...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $610,000 34,000 81,000 725,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $335,000 Selling expense 61,000 Administrative expense 81,000 Interest expense 18,000 Restructuring costs 57,000 Income tax expense 43,250 Total expenses and losses Net Income 595,250 $129,750 $ 1.30 Earnings...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $720,000 45,000...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $720,000 45,000 92,000 857,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $390,000 Selling expense 72,000 Administrative expense 92,000 Interest expense 29,000 Restructuring costs 68,000 Income tax expense 51,500 Total expenses and losses Net Income Earnings per share 702,500 $154,500...
E4.7 (LO2, 3, 5) (Income Statement) The accountant of Weatherspoon Shoe Co. has compiled the following...
E4.7 (LO2, 3, 5) (Income Statement) The accountant of Weatherspoon Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2019. Rent revenue £ 29,000 Interest expense 18,000 Unrealized gain on non-trading equity securities, net of tax 31,000 Selling expenses 140,000 Income tax 30,600 Administrative expenses 181,000 Cost of goods sold 516,000 Net sales 980,000 Cash dividends declared 16,000 Loss on sale of plant assets 15,000...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 620,000 Interest revenue 35,000 Gain on sale of investments 82,000 Total revenues and gains 737,000 Expenses and losses: Cost of goods sold $ 340,000 Selling expense 62,000 Administrative expense 82,000 Interest expense 19,000 Restructuring costs 58,000 Income tax expense 44,000 Total expenses and losses 605,000 Net Income $ 132,000...
2) The following incorrect income
statement was prepared by the accountant of the Axel
Corporation:
AXEL CORPORATION
Income Statement
For the Year Ended December 31, 2021
Revenues and gains:
Sales revenue
$
780,000
Interest revenue
51,000
Gain on sale of investments
98,000
Total revenues and gains
929,000
Expenses and losses:
Cost of goods sold
$
420,000
Selling expense
78,000
Administrative expense
98,000
Interest expense
35,000
Restructuring costs
74,000
Income tax expense
56,000
Total expenses and losses
761,000
Net Income
$...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $720,000 45,000 92,000 857,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $390,000 Selling expense 72,000 Administrative expense 92,000 Interest expense 29,000 Restructuring costs Income tax expense 51,500 Total expenses and losses Net Income 68,000 702,500 $154,500 $ 1.55 Earnings...
Only need the values of income from operations of discontinued
component, Income tax expense, income from continuing operations
and income on discontinued operations. Thanks
Rembrandt Paint Company had the following Income statement Items for the year ended December 31, 2021 ($ in thousands): Sales revenue Interest revenue Interest expense $ 27,00€ 282 480 Cost of goods sold Selling and administrative expense Restructuring costs $ 15,000 3,400 1,7ee In addition, during the year the company completed the disposal of its plastics...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $610,000 34,000 81,000 725,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $335,000 Selling expense 61,000 Administrative expense 81,000 Interest expense 18,000 Restructuring costs 57,000 Income tax expense 43,250 Total expenses and losses Net Income 595,250 $129,750 $ 1.30 Earnings...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $720,000 45,000 92,000 857,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $390,000 Selling expense 72,000 Administrative expense 92,000 Interest expense 29,000 Restructuring costs 68,000 Income tax expense 51,500 Total expenses and losses Net Income Earnings per share 702,500 $154,500...
E4.7 (LO2, 3, 5) (Income Statement) The accountant of Weatherspoon Shoe Co. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 2019. Rent revenue £ 29,000 Interest expense 18,000 Unrealized gain on non-trading equity securities, net of tax 31,000 Selling expenses 140,000 Income tax 30,600 Administrative expenses 181,000 Cost of goods sold 516,000 Net sales 980,000 Cash dividends declared 16,000 Loss on sale of plant assets 15,000...
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